Make your
house a home.
Renovate and rehab a new or existing home with our Renovation financing options. Whether you’re looking to put in a pool or you need to repair your home after storm damage, HMA Mortgage offers two unique Renovation Loan options to fit your needs.
Makeover Mortgage
Renovation Loans
FHA 203 (k)
- 3.5% minimum down payment requirement
- Upfront mortgage insurance premiums financed into loan
- Monthly mortgage insurance premium
- Existing homes eligible
- Seller concessions up to 6% of sales price
- Condominiums may be eligible, must be on FHA approved list or FHA single unit spot approval
- No income limits
- No minimum on renovation costs
- Gifts allowed
Home Style
- Owner occupant, second homes and investment properties
- Condos, one to four units allowed
- Renovations costs up to 50% of the after improved value
- Incomplete properties when the builder went out of business allowed
- No restrictions on improvements (must be permanently fixed to property and add value)
- Contingency reserve is allowed from out of pocket